IBcontacts broadens cooperation with the state export credit agency of Germany Euler Hermes Deutschland-AG

The state export credit agency of Germany Euler Hermes Deutschland-AG and IBcontacts company have signed the Agreement on Cooperation. End Quote

(1888PressRelease) November 29, 2012 - IBcontacts and Euler Hermes Deutschland-AG were previously cooperating in trade relations development between Ukraine and Germany by providing credit investigation of the local companies within export finance deals.

"While performing a credit research IBcontacts applies a comprehensive analysis of official financial statements and other information about activities of importer. Research is being conducted by representatives of Credit, Legal and Market Research Departments, and after its completing joint credit committee makes decision on credit rating and recommends trade credit limit for importer, - explains Yehor Zemzyulin, Head of Credit Department, IBcontacts. - The results of research are presented in the form of credit report, which is being sent to Euler Hermes Deutschland-AG and is used in decision making process to provide foreign trade insurance coverage for German exporters when attracting export finance from Germany.

Euler Hermes Deutschland-AG is one of the oldest ECA in the world. Reputation, professionalism and outstanding quality of the information, and credit opinions - these are requirements that have traditionally been central to Euler Hermes in choosing partners among world providers of business information.

"This agreement has exceptional status as it authorizes IBcontacts to conduct credit research and assign credit ratings to Ukrainian enterprises aiming to attract international finance from Germany under warranty of Euler Hermes, - said Managing Director of IBcontacts Kateryna Barabash. - I want to emphasize that this agreement is the first one of this kind in Ukraine and is designed to bring international standards into projects of Ukrainian companies to attract export finance.

Methodology of creditworthiness assessment of borrowers specially developed by IBcontacts allows comprehensive considering of both quantitative and qualitative indicators of a company and making reasonable decision about credit rating. Company's own IT solutions (for example, software for automatic generation of credit reports (Credit Report Generator), modern methods of rapid data transmission in *.XML, as well as programs for credit reports preparation in real time) allow examining Ukrainian enterprises in unprecedentedly short time, with a constant high level of quality.

"All these achievements distinguish IBcontacts from other market participants, and we are the first Ukrainian company which Euler Hermes Deutschland-AG praised as one of the leading providers of business information in the world - said Kateryna Barabash. - I believe that this agreement will open new horizons of business partnership between Ukrainian companies and their German counterparts, and I am proud that our company plays a central role in it"

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